The most recent Global Dairy Trade auction - Event 215 - has just finished, resulting in a sharp drop in the GDT Price Index.
This drop - a 5.0% decrease in index - is the most dramatic decrease seen in the index this year.
Lasting five minutes short of the two-hour mark, the event saw 118 winning bidders from a total of 152 across 13 rounds of bids.
A total figure of 26,519MT was sold over the course of the event.
- AMF index down 1.7%, average price US$5,937/MT;
- Butter index down 4.0%, average price US$5,390/MT;
- BMP index up 6.4%, average price US$2,480/MT;
- Ched index down 4.3%, average price US$3,713/MT;
- LAC index not available, average price not available;
- RenCas index up 3.6%, average price US$5,089/MT;
- SMP index down 4.6%, average price US$1,913/MT;
- SWP index not available, average price not available;
- WMP index down 7.3%, average price US$2,905/MT.
The most severe fall was seen in the Whole Milk Powder (WMP) index, which dropped 7.3%, while Skim Milk Powder (SMP) also took a hefty hit of 4.6%. Butter Milk Powder saw one of only a couple of increases on the day, rising by a considerable 6.4%.
Neither Lactose nor Sweet Whey Powder (SWP) were available at today's event.
Strong early response to fodder census
Meanwhile, a total of 753 survey responses have already been submitted to the national fodder census being conducted by Teagasc, it has confirmed.
Details of the Teagasc / Inter Agency Fodder Census for July 1 were announced at the Teagasc BEEF 2018 open day in Grange, Co. Meath, last Tuesday, June 26.
The fodder census was officially launched by the Minister for Agriculture, Food and the Marine, Michael Creed. A second census is planned for September 1.
The survey incorporates: the number of stock one intends to keep this winter and their requirements; silage already in the pit and what is expected to follow; bales; whether a surplus or deficit is expected; and additional farm enterprise questions.
Joe Patton, a dairy specialist at Teagasc, said that it is imperative that all farmers do a fodder budget in the next few weeks. Resilience to adverse weather must now be built into feed plans over time.